BENITO SIMON X 4

What Happened
Simon X. Benito, a director of Inovio Pharmaceuticals (INO), received two awards on May 20, 2026 totaling 76,000 derivative units: 41,800 and 34,200 shares reported at $0 acquisition price (total $0). The filing classifies these as derivative grants (options and restricted stock units) issued under the company’s compensation plan for non‑employee directors. These awards are not sales or open‑market purchases — they are compensation grants that vest in the future.

Key Details

• Transaction date: 2026-05-20; Form 4 filed: 2026-05-21 (timely filing).
• Awards: 41,800 and 34,200 derivative units; reported acquisition price $0; aggregate = 76,000.
• Vesting: Both awards vest 100% on May 20, 2027 (per footnotes).
• Plan/Policy: Grants made under the 2023 Omnibus Incentive Plan pursuant to the issuer’s non‑employee director compensation policy (footnote F1).
• Shares owned after transaction: Not disclosed in the supplied excerpt of the Form 4.
• Notes: One grant is an option award (footnote F2) and the other is restricted stock units (RSUs) — each RSU represents a contingent right to one share (footnote F3).

Context
Awards to non‑employee directors (options and RSUs) are common as long‑term compensation and do not by themselves indicate insider buying or selling sentiment. These are derivative grants that will convert to equity only upon vesting (and, for options, subject to exercise terms). The reported $0 acquisition price reflects grant reporting; the economic value will depend on Inovio’s future stock price and any option strike or exercise conditions.